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August 5, 2010

Former Vinashin chief is jailed

Former Viet Nam Shipbuilding Industry Group (Vinashin) chief Pham Thanh Binh has been jailed.

The state-controlled Vietnam News Agency reports Investigative Police under the Ministry of Public Security as saying he was put into temporary detention yesterday afternoon .

Mr. Binh, 57, has been initially accused of "having intentionally violated State regulations on economic management, resulting in severe consequences" pursuant to Article 165 of the Criminal Code. The case is still under investigation.

State-run Vinashin is now struggling with a debt of $4.5 billion and is undergoing restructuring.

Last month the Commission for Inspection of the Communist Party of Vietnam Central Committee said that Mr Binh's wrongdoings called for disciplinary actions as he had been irresponsible in the mobilization, management and use of the state capital, pushing Vinashin to the brink of bankruptcy.


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